Introduction to IoTeX
Posted by Jennifer a year ago

What is IoTeX?

IoTeX is the auto-scalable and privacy-centric blockchain infrastructure for the Internet of Things (IoT). IoTeX is developing several in-house innovations to push the frontier of blockchain 3.0, including a blockchain-in-blockchain architecture for heterogeneous computing, lightning fast Roll-DPoS consensus mechanism, and lightweight privacy-preserving techniques. IoTeX is bringing machine-to-machine interaction and autonomous device coordination to the masses by “connecting the physical world, block by block.”

Who comprises the IoTeX team?

IoTeX’s global team is comprised of leading cryptography research scientists, top tier engineers (Google, Facebook, Uber, Intel, Bosch), and experienced ecosystem builders. The founding team consists of:

  • Raullen Chai - Ph.D in Cryptography and Research Scientist at University of Waterloo. Former Head of Cryptography R&D at Uber and Security Engineer at Google. 8+ years of experience in cryptography and blockchain.
  • Qevan Guo - Ph.D in Machine Learning and Computer Vision at National University of Singapore. Former Engineering Manager and Research Scientist at Facebook. Investor and advisor to several startups. 20+ publications and patents.
  • Xinxin Fan - Ph.D in Cryptography at University of Waterloo. Senior Research Engineer at Bosch, with 14 years of research and industry experience in information security and cryptography. 40+ publications and patents.
  • Jing Sun - Founding partner of Sparkland Capital. Led 40+ investments in blockchain, security, and IoT. Board director on numerous companies, with extensive experience in startups, investments, and building ecosystems.

In addition to the core team, IoTeX's advisors include Guang Gong, Jack Lee, and Fan Zhang.

Who are IoTeX's investors?

IoTeX held a private sale in February 2018 to accredited investors. The cap of 25,000 ETH was raised for 24% of the total IoTeX token (IOTX) supply at a price of 1 IOTX = 0.0000125 ETH. The investor list includes some of the largest blockchain / cryptocurrency funds and incubators in the world, with diverse global representation.

What is IoTeX trying to solve and how is it different from other projects?

Despite its rapid evolution, IoT is still far from achieving mass adoption and lacks “killer applications” that would draw new users to the ecosystem, due to issues such as low scalability, high operating costs, privacy concerns, and a lack of functional values. IoTeX is tackling these problems by combining cryptoeconomic incentives with a blockchain platform from scratch, tailor fit for IoT. The ultimate vision is to serve as the underlying infrastructure for all IoT devices, and to truly enable machine-to-machine interaction and autonomous device coordination.

IoTeX is a long term, "technology first" project that is pushing the frontier of blockchain 3.0 with innovations in blockchain privacy, scalability, and speed. IoTeX is working on similar problems / innovations as other blockchain platforms; however, all design decisions (e.g., not sacrificing privacy for throughout) are made thoughtfully with the future in mind. The team's main innovations include:

  • Blockchain-in-blockchain architecture - utilization of a permissionless root chain and flexible sub-chains that enable private networks of connected device data, while also allowing for interoperability and secure cross-chain transfers of value and data
  • Privacy-preserving techniques - innovative and lightweight cryptography schemes, such as lightweight stealth addresses, bulletproofs, and constant size ring signatures, are utilized in sub-chains to hide sender, receiver, and transaction value, while still allowing for massive throughput
  • Roll-DPoS consensus mechanism - a randomized, delegated proof of stake consensus mechanism that provides lightning fast consensus and a more democratic governance model than other DPoS schemes

IoTeX will be distributing several white papers and yellow papers in the coming months to further elaborate on our innovations. Until then, you can learn more about our vision and innovations in our white paper and website.

What is IoTeX's roadmap?

IoTeX launched its Testnet preview ("StoneVan") in April 2018, with two subsequent Testnet sub-phases planned in Q2/Q3 2018. The IoTeX Mainnet preview is expected to launch in October 2018. Please see our high-level roadmap below:

Where can I learn more about IoTeX?

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Replies (2)

What are the differences between IoTeX and IOTA?

a year ago

They seem to get that question a lot and have answered it in their previous AMAs I believe. Check this AMA out on their reddit:

a year ago(Updated a year ago)